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US equity markets concluded another volatile week of trading in the red following the release of the official March non-farm payrolls report that ended 113-month consecutive months of employment growth - Dow dropped -361-points or -1.69%. American Express Co (down -3.99%), UnitedHealth (-4.55%) and International Business Machines Corp (IBM) (-3.33%) fell more than >3% each to lead the Dow lower. The broader S&P500 fell -1.51%. Utilities (down -3.62%), Materials (-2.34%), Financials (-2.23%) and Communication Services (-2.20%) all fell over -2% to lead eleven of the twelve primary sectors lower. Consumer Staples (up +0.54%) was the only sector to advance, with Walmart Inc rose +0.70% after the Wall Street Journal (WSJ) reported that sales from Walmart’s over 4,700 US stores increased nearly 20% over the past four weeks compared with the same period a year earlier. Sales on Walmart.com rose over >30% over the past eight weeks, with downloads of Walmart's online grocery mobile app skyrocketing, according to documents viewed by the WSJ. United Airlines Holdings Inc (UAL) fell -8.15% in the extended session (having lost -2.28% in the regular session) after the airline announced an ~80% capacity cut for April and expects even larger cuts in May. UAL said it will evaluate and cancel flights on a rolling 90-day basis until demand recovers. The airline said it is losing more than US$100M a day in revenue and that it expects fourth-quarter revenue to be down at least 30% from the year-ago period. UAL has also reportedly filed for a federal grant in order to keep paying employees.Delta Air Lines Inc fell -11.48% in the extended session (having dipped -0.88% in regular trading) after the carrier said its second quarter will be "even more difficult than the first", while Chief Executive Ed Bastian said that the company is “burning more than $60M in cash every day” and “we know we still haven't seen the bottom". Mr Bastian said that Delta’s April schedule will be about 80% smaller than planned, with 115,000 flights cancelled,. Mr Bastian also said that the airline has applied for government support but that the funds alone “are not nearly enough” as revenue is expected to be down 90% for the second quarter. Without action, that government’s relief funds would be gone by June, Mr Bastian said. Separately, Warren Buffett's investment vehicle Berkshire Hathaway Inc disclosed on Friday (3 April) that it had sold ~18% of its stake (~13M shares or ~US$314M) in Delta and ~4% of its holding (~2.3m shares or ~US$74M) in Southwest Airlines Co (-3.05%) The NASDAQ -1.53%. The latest data released by the Semiconductor Industry Association (SIA) late on Friday (3 April) recorded that global chip sales momentum stalled in February due a slowing in demand from China amid the COVID-19 pandemic. While worldwide February sales rose 5% to $34.5B from a year ago, they declined 2.4% from January's sales of $35.4 billion, with sales from China falling 7.5% from January. "Global semiconductor sales in February were solid overall, outpacing sales from last February, but month-to-month demand in the China market slipped significantly and the full impact of the COVID-19 pandemic on the global market has yet to be captured in available sales numbers," said John Neuffer, SIA president and chief executive.

US equity markets rallied as a surge in oil prices eclipsed another grim weekly jobless claims report - Dow settled +470-points or +2.24% higher after trading in a greater than >700-point range. Energy giant Chevron Corp and Exxon Mobil Corp led the Dow higher, gaining 11% and 7.7%, respectively. The broader S&P500 gained +2.28%, with Energy (up +9.07%) the standout performer and leading all eleven primary sectors higher. The NASDAQ rose +1.65%. Tesla Inc rallied more than >17% in the extended session (after ending the regular trading day down -5.6%) after announcing that it delivered 88,400 vehicles in the first quarter, a performance the company called its “best ever” first quarter and a number only a tad below Wall Street expectations (i.e. 89K). In broader stock moves, Luckin Coffee Inc slumped -75.57% after the Chinese coffee chain said that an internal investigation had shown that its chief operating officer and other employees had fabricated sales transactions.

The Dow and S&P500 logged their worst start to quarter ever as President Trump warned that a “very, very painful” two weeks lie ahead for the country in face of a rapidly spreading COVID-19 epidemic - Dow dropped -973-points or -4.44% (to 20,944) to settle with its worst opening to a quarter in its 124-year history. Boeing Co (down -12.36%), American Express (down -9.08%) and Dow Inc (-7.52%) all fell more than >7.5% The broader S&P500 fell -4.41% to book its worst start to a quarter since the index was created in 1957 . The Utilities (down -6.12%), Real Estate (-6.11%) and Financials (-5.97%) sectors all fell over >5%, leading all eleven primary sectors into the red. A collapse of showroom traffic in March led to a big drop in U.S. sales for major car companies in the first quarter. Fiat Chrysler Automobiles N.V. (-5.15%) reported a -10% drop in first-quarter U.S. sales, saying strong results in January and February were more than offset by the impact of the virus in March. General Motors Co (down 7.3%) said its U.S. sales were down 7% in the January-to-March period, citing similar reasons, while Nissan Motor Co. reported a -30% drop in the first quarter. Ford Motor Co (-8.9%) is slated to release its first-quarter sales results tonight AEST. Cruise ship operator Carnival Corp rose +2.39% in the extended session (after ending the regular session down -33.18%) after securing a huge rescue financing package a US$4B senior secured bond offering that gives investors an 11.5% coupon, yielding near 12% yield on debt that matures in 2023. The NASDAQ -4.41%. The small capitalisation Russell 2000 index skidded -7.03% lower. The major indices touched their session lows in the final minutes of the session, with Dow briefly down over >1,100-points.

US equity markets ended the month and quarter in the red to leave both the Dow and S&P500 nursing their worst first quarter performance ever - Dow down -410-points or -1.84%, paring a climb of as much as much as +152-points. The broader S&P500 shed -1.6% . S&P Dow Jones Indices announced after the closing bell that retailer Macy's Inc will depart the S&P500 (along with Raytheon Co following the expected completion of their merger with United Technologies Corp) and join the S&P SmallCap 600. Otis Worldwide Corp and Carrier Global Corp will join the S&P 500. The changes come into effect at the opening of the market this Friday night AEST (3 April). The NASDAQ fell -0.95%. In merger and acquisition (M&A) news, Xerox Holdings Corp announced that is has dropped its ~US$30B hostile takeover bid to acquire larger rival HP Inc because of the uncertainty created by the COVID-19 pandemic

US equity markets booked another round of solid gains as the benchmark indices look to consolidate last week’s hefty weekly rebound (that Dow record its strongest weekly advance (up +12.8%) since 1938, while the S&P 500 rose 10.3% for its biggest weekly jump since 2008) - Dow gained +691-points or +3.19% after briefly dipping into the red in morning trading. Johnson & Johnson jumped +8% after the company said it had identified a lead candidate in its efforts to develop a COVID-19 vaccine, with human trials to begin by September at the latest and the product potentially ready in early 2021. The broader S&P500 gained +3.35% . Medical device maker Abbott Laboratories rallied after announcing late last Friday (27 March) that it received emergency use authorisation from the U.S. Food and Drug Administration (FDA) for a rapid COVID-19 test. Regeneron Pharmaceuticals Inc rose +5%, while the American Depositary Receipts (ADRs) for Sanofi SA advanced 4.9% after the companies said Monday (30 March) that the first patient in a global clinical trial testing Kevzara as a therapy for patients hospitalized with severe cases of COVID-19 had been treated. Ford Motor Co announced late in the session that it has reached a deal to begin manufacturing ventilators needed by hospitals to treat COVID-19 patients. The company said that it will manufacture the equipment at an Ypsilanti, Michigan, plant using a design licensed from Airon Corp. by the health care division of General Electric Co. The NASDAQ rose +3.57%. Apple Inc (up +2.9%) was added to Bank of America’s ‘best ideas’, with analysts citing the company’s stellar balance sheet (US$200B in gross cash and ~US$100B in net cash or ~US$22 per share). Microsoft Corp jumped +7% while Alphabet Inc and Amazon.com Inc climbed +3.3% and +3.4%, respectively. Domino's Pizza Inc reported global retail sales are up 4.4% thus far in preliminary first-quarter numbers it shared on Monday. Domino's is scheduled to release its final quarterly results on 23 April.

US markets stumbled after a stellar three-day rally - Dow down -915-points or -4.06%. Boeing Co fell - 10.3% and was the worst performer in the Dow, with Treasury Secretary Steven Mnuchin confirming that the aerospace group won’t seek a government bailout. Chevron Corp (down -9.95%) and Walt Disney Co (-8.50%) each fell more than >8% The broader S&P500 shed -3.37% Energy (down -6.91%) and Information Technology (-4.61%) led ten of the eleven primary sectors into the red, with Utilities (up +0.52%) the only sector to advance. Abbott Laboratories rose +2.1% in extended trading after announcing late Friday that it received emergency use authorisation from the U.S. Food and Drug Administration (FDA) for a rapid COVID-19 test. The portable testing platform will detect a positive result for COVID-19 in "as little as five minutes" and determine negative results in 13 minutes. Abbott said that it will make the rapid tests available to healthcare providers involved in urgent care next week and is working with the government to determine where they can have the largest impact. The company said that between this and a separate testing platform it will have the capacity for ~5M tests a month. General Motors Co rose +4.16% in extended trading (after falling -5.23% in regular trading). President Trump signed a presidential memorandum directing the government to use “any and all authority available under the Defense Production Act” to compel the automaker to manufacture ventilators for patients with COVID-19. President Trump earlier criticised the company, saying negotiations were taking too long. The NASDAQ fell -3.79%. For the week, the Dow gained +12.84% to book its strongest weekly rise since 1938. S&P 500 rose +10.26% to post its biggest weekly rise since 2008. The Nasdaq rose +9.05% to record its best weekly advance since March 2009.. The US dollar index posted its biggest weekly decline (down -3.90%) since March 2009.

US equity markets extended their solid rebound into a third straight session, shrugging off a weekly unemployment report that predictably made for difficult reading - Dow up +1352-points or +6.38% (to 22,522,1), capping its biggest three day rally (up +20.14%) since 1931. Boeing Co (up +13.75%), Chevron Corp (+10.26%) and Walgreens Boots Alliance (+10.21%) were the leading index constituents with gains of over >10% apiece. The broader S&P500 advanced +6.24% , with the more defensive sectors (Utilities up +8.39%, Real Estate +7.81% and Health Care +6.98%) leading all eleven primary sectors higher. The NASDAQ gained +5.60%. Facebook Inc (up +4.56%), Amazon.com Inc (+3.69%), Apple Inc (+5.26%) Netflix Inc (+6.02%) and Google-parent Alphabet Inc (+5.3%) all gaining more than >3.5%. The words “short-covering” and ‘re-balancing’ were mentioned often in overnight reports (and with month and quarter end approaching). The Dow, S&P 500 and Nasdaq ended the session still down at least 20.7% from their respective all-time highs set last month.

US equity markets settled higher despite a stumble into the close of the session amid reports that several senators may be putting forward some last minute opposition that threatens to slow the passage of a bill proposing a US$2 trillion fiscal stimulus package agreed between White House lawmakers - Dow up +495-points or +2.39%, with Boeing Co (up +24%) the leading index constituent and taking the aerospace giant’s gains to almost 70% Vin the past three sessions. Nike Inc (+9.2%) was also among the leading performers in the wake of their strong result after the closing bell of Tuesday’s (24 March). At its session high the Dow was up more than >6%. Nonetheless the index built on its biggest one day percentage gain since 1933 (+11.37%) and biggest one-day points increase (+2,113) ever recorded a day earlier, The broader S&P500 gained +1.15%, having traded over >5% higher earlier in the session and building on the previous session’s 9.38% advance (and best one day gain since October 2008). Industrials (up +5.29%), Real Estate (+4.50%) and Energy (+4.49%) lead eight of the eleven primary sectors higher. Communication Services (down -1.58%) was the worst performing sector. Home improvement retailer Lowe's Companies (+8.31%) said it will hire 30,000 new workers and committed $100 million "to support the emerging needs" of employees, customers and communities amid the coronavirus pandemic. Both the Dow and S&P 500 logged their first back-to-back gains in seven weeks. Indeed, the Dow has logged its best two gain (2,608-points or +13.67%) since 1987. The technology-centric NASDAQ eased -0.47%, with all of the FAANG complex (Facebook Inc down -3.0%, Amazon.com Inc -2.80%, Apple Inc -0.55%, Netflix Inc -4.18% and Google parent Alphabet Inc -2.82%) closing in the red.

US equity markets soared amid growing optimism that Congress will come to an agreement on an ~US$2 trillion fiscal stimulus package aimed at combatting the economic impact of the coronavirus epidemic - Dow rocketed +2,113-points or +11.37% to log its biggest one-day point gain ever and its best percentage gain since 1933 (and fifth best ever) - and just a day after plumbing the lowest levels since 2016. Fitch ratings Boeing Co’s credit rating to two notches above junk, with a negative outlook (which means there’s a one-in-three chance of a further downgrade). However, Boeing rallied +20.9% after Chief Executive Officer (CEO) Dave Calhoun said he would not accept the government taking an equity stake in the aerospace giant in exchange for a bailout. The broader S&P500 gained +9.38% - its biggest single day percentage gain since October 2008 - with 303 index constituents recording double-digit rises (62 of those companies logging gains of over >20%). Energy (up +16.3%) led all eleven primary sectors higher. Chevron Corp jumped +22.74% after the oil giant said it would cut its 2020 capital expenditure by US$4B and temporarily halt share repurchases. General Motors (up +19.9%) said that it is planning to draw down ~$16B from its revolving credit facility. The NASDAQ gained +8.12%. Intel Corp rose +5.7% despite the company announcing it would suspend its share repurchase program. President Trump on floated the idea of restarting the economy soon to limit the damage to small and medium-size businesses, For the year to date, the Dow is down 27.45%, S&P 500 -24.25%, and the technology-heavy Nasdaq is -17.33%.

Fresh measures by the Federal Reserve failed to stem the bleeding on Wall Street - Dow fell -582-points or -3.04% to 18,591.93, its lowest level since 9 November, 2016 – the day of President Trump’s election. Boeing Co rebounded +11.2% despite the aerospace giant announcing that it would suspend production at its Puget Sound facilities due to the coronavirus, with the halt is intended to last two weeks beginning 25 March. Goldman Sachs penned a note saying that the company had enough cash to survive the coronavirus downturn and that air travel would eventually return. The broader S&P500 lost -2.93% . General Electric Co fell -6.3% to a 28-year low after the industrial conglomerate said its GE Aviation unit is planning to cut 10% of its US workforce, as the COVID-19 pandemic has led to a “rapid contraction” of air travel. NASDAQ slipped -0.36%. Apple Inc fell -2% to relinquish its title as a trillion US dollar market capitalisation company, leaving Microsoft Inc as the only company to hold the mantle. Applied Materials Inc dipped -0.4% in extended trading (after settling +6% higher in the regular session) after withdrawing its fiscal second quarter guidance because the COVID-19 outbreak is impacting the company’s supply chain and manufacturing operations. All three key index futures had hit their 5% daily limit at the open of trade. The New York Stock Exchange went all-electronic on Monday (23 March), marking the first time the exchange has operated without floor traders.